750 MILLION in debt one day, and then the next day its all written off in bankruptcy

IM0

how just how, and why

Im talking about sean dunne I think it was, just heard a bit on the news about it.
he owed banks mostly something around 750 million and now he has declared bankruptcy and over night his debt of 750 million are all gone! :mad:

now I dont literally mean how and why as in according to law, I mean how is this law allowed in the first place, it must be absolutely sickening to those stuck with massive mortgages who cant just go bankrupt and start again with no debt, its insane, why is this allowed to happen

alot of his debts were to irish banks too, which makes it even more sickening that he has been allowed to do this.

the mind absolutely boggles. its one thing for joe soap to do this with a few hundred thousand, but another to do it with 750 million. I mean seriously.

squod

Have to laugh. Meath Co Co just gave €5m to Quinn Snr? for a building in Navan, and he owes us how much??? Anyone with half a brain (or without corruption) would have shurely taken the building and took €5m off the debt?

http://www.meathchronicle.ie/news/roundup/articles/2013/05/03/4015642-county-council-buys-quinn-building-for-new-hq/

nino1

IM0 wrote: »

it must be absolutely sickening to those stuck with massive mortgages who cant just go bankrupt and start again with no debt.

ah.... yeah they can, anyone can declare bankruptcy if they cannot service their debts as they fall due, be it mortgage or other debt.

nino1

squod wrote: »

Have to laugh. Meath Co Co just gave €5m to Quinn Snr? for a building in Navan, and he owes us how much??? Anyone with half a brain (or without corruption) would have shurely taken the building and took €5m off the debt?

http://www.meathchronicle.ie/news/roundup/articles/2013/05/03/4015642-county-council-buys-quinn-building-for-new-hq/

that money doesn't go to sean quinn, it goes to the liquidator :rolleyes:

Wildlife Actor

squod wrote: »

Have to laugh. Meath Co Co just gave €5m to Quinn Snr? for a building in Navan, and he owes us how much??? Anyone with half a brain (or without corruption) would have shurely taken the building and took €5m off the debt?

http://www.meathchronicle.ie/news/roundup/articles/2013/05/03/4015642-county-council-buys-quinn-building-for-new-hq/

You can be sure he's not seeing a penny of that. Anglo receiver instead i'd say. Dunno which is worse...:(

Mr Simpson

squod wrote: »

Have to laugh. Meath Co Co just gave €5m to Quinn Snr? for a building in Navan, and he owes us how much??? Anyone with half a brain (or without corruption) would have shurely taken the building and took €5m off the debt?

http://www.meathchronicle.ie/news/roundup/articles/2013/05/03/4015642-county-council-buys-quinn-building-for-new-hq/

Pretty much exactly what they've done by buying from the liquidator

squod

Mr Simpson wrote: »

Pretty much exactly what they've done by buying from the liquidator

I dunno if the case is a clear cut as that.

For at least the next 12 years, every time any of us takes out insurance, we will have to pay an extra 2 per cent to recoup the approximately €1.1 billion Quinn lost in his gamble on Quinn Insurance. Thus, even when we leave aside entirely the €2.3 billion Anglo loan, Quinn’s actions are siphoning €1.5 billion from Irish taxpayers, consumers and businesses

He's also had ''write downs'' which is essentially a transfer of debt form him to us?

[Jackass]

nino1 wrote: »

ah.... yeah they can, anyone can declare bankruptcy if they cannot service their debts as they fall due, be it mortgage or other debt.

The difference being, if the average person does it, they are left ruined, with nothing, they might have kids and no home to go to.

A guy like Dunne, or a better example, Quinn, siphon off millions from the hundreds of millions they owe, appointing anyone they know as directors of a made up "holding company", appointing themselves as having six figure salaries in contract before going bankrupt, and basically, hiding and embezzling millions before declaring bankrupt.

Honestly, do you think Dunne or Quinn are sleeping on their mothers couch tonight?

You bet your bollox they aren't. Big difference between bankruptcy for the super rich and bankruptcy for the common Joe on the street...

ninty9er

Declaring yourself bankrupt carries serious stigma in Ireland, in the US, you haven't had a wide business experience if you haven't been declared bankrupt at least once.

It's not something entered into lightly and you have to prove to a court that you have no reasonable chance of repaying your debt. That's where most people don't qualify. If they have an income, and the debt is mostly repayable then the court will make a judgment as such.

Bankruptcy places extreme restrictions on your personal finances for a period (which has been 12 years in Ireland until recently), its not something that I'd personally choose. The debts don't just disappear either.

http://www.citizensinformation.ie/en/money_and_tax/personal_finance/debt/personal_insolvency/what_is_bankruptcy.html

Cody Pomeray

nino1 wrote: »

ah.... yeah they can, anyone can declare bankruptcy if they cannot service their debts as they fall due, be it mortgage or other debt.

Not quite, bankruptcy is a very expensive process for low income earners.

Even the new personal insolvency legislation doesn't answer the problem of those who cannot afford the process.

Nevertheless, I take your point. Any debt that is not repayable should be written off, for the sake of everyone's mental health. Both sides learn from their mistakes and move on.

nice_guy80

ninty9er wrote: »

Declaring yourself bankrupt carries serious stigma in Ireland, in the US, you haven't had a wide business experience if you haven't been declared bankrupt at least once.

It's not something entered into lightly and you have to prove to a court that you have no reasonable chance of repaying your debt. That's where most people don't qualify. If they have an income, and the debt is mostly repayable then the court will make a judgment as such.

Bankruptcy places extreme restrictions on your personal finances for a period (which has been 12 years in Ireland until recently), its not something that I'd personally choose. The debts don't just disappear either.

http://www.citizensinformation.ie/en/money_and_tax/personal_finance/debt/personal_insolvency/what_is_bankruptcy.html

you need to have good accountants too

nino1

Cody Pomeray wrote: »

Not quite, bankruptcy is a very expensive process for low income earners.
.

Not if you declare in the UK, is actually very cheap process there

Cody Pomeray

nino1 wrote: »

Not if you declare in the UK, is actually very cheap process there

Yes, but it may be expensive for Irish people to establish a personal or commercial interest in the UK to the extent that they would become eligible for bankruptcy in that jurisdiction.

In any case, perhaps it's about time we stopped exporting our problems to foreign countries, be that abortion, unemployment, or insolvency.